Glenmark Pharmaceuticals lost 2.71% to Rs 560.80 at 9:59 IST on BSE after the company said it has lost its appeal to invalidate Abbott Laboratories' TARKA patent.
The announcement was made before market hours today, 22 April 2014.
Meanwhile, the S&P BSE Sensex was up 43.67 points or 0.19% at 22,808.50.
On BSE, so far 32,000 shares were traded in the counter as against average daily volume of 26,000 shares in the past two weeks.
The stock hit a high of Rs 567.80 and a low of Rs 552.20 so far during the day.
Glenmark Pharmaceuticals said it has lost its appeal to invalidate Abbott Laboratories' TARKA (trandolapril/verapamil hydrochloride) patent when the Court of Appeals for the Federal Circuit, USA affirmed the district court's decision regarding Glenmark's marketing of a generic equivalent of TARKA. Glenmark is disappointed with the decision and is considering its options, the company said in a statement.
Glenmark Pharmaceuticals' consolidated net profit rose 1.6% to Rs 216.24 crore on 15.9% growth in net sales to Rs 1601.22 crore in Q3 December 2013 over Q3 December 2012.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).
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